Bitcoin price approaches record high amid regulatory acceptance of digital assets

On Wednesday, the bitcoin price continues its upward movement, approaching an all-time high, amid the US Senate's advancement of a bill on regulating stablecoins that overcame earlier legislative hurdles.

As noted by Investing, the token is now in a consolidation phase near a four-month high of $109,288.

The bitcoin rally is taking place alongside the broader growth of the digital asset market, caused by favorable shifts in the sphere's regulation under the presidency of Donald Trump and a thaw in trade relations between Washington and Beijing.

According to data provided by Investing, the new US bill on stablecoins will be brought to a vote in the Senate at the end of this week. It will then be sent to President Donald Trump's office for approval. In addition, the creation of the Bitcoin Strategic Reserve by the Trump administration in March, designed to further emphasize the United States' position as a leader in the sphere of digital assets, additionally fuels the enthusiasm of market participants.